what is the meaning of "unemployment rate" in the Philippines?
The unemployment rate is a measure of the percentage of people in the labor force who are actively looking for work but are unable to find employment. This figure can provide an indication of the health of the economy as well as the level of competition in the job market. In the Philippines, the unemployment rate has been steadily decl ing down in recent years, falling from a peak of 14.7% in 2012 to 5.8% in 2019. This trend has been attributed to a number of factors, including a strong economic growth, a favorable investment climate, and a relatively stable political climate. The unemployment rate in the Philippines is among the lowest in Southeast Asia, and the government has implemented a number of initiatives to further reduce it, such as skills training programs and incentives for job creation. In addition, the government has implemented policies to encourage foreign investment, which can help to create more jobs